twitter linkedin
facebook google+

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from

Mortgage News Reprints
Put entire stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed stories free on your Web site or for your RSS reader.

News Archives
Archive of stories by month going back to 1999.

Press Releases
Reports and announcements from

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News


Mortgage News

HOT Topics









site map
Stories For Salespeople
Loan originator and broker news and stories. Advice about improving mortgage loan originations. Insights to and profiles of mega-producers.
sales stories | sales books | originator newsletter

Five Best Residential Originators

BB&T ranked as best retail originator

Nov. 12, 2009

By staff

The new owner of Colonial Bank nabbed the title of best mortgage originator. Four of the top five firms were involved in an acquisition since the last ranking. Despite improved standings for the top two firms -- borrower satisfaction with the origination process has fallen when considering all retail firms.

Overall borrower satisfaction fell from 757 on a 1,000-point scale last year to 739 in the 2009 Primary Mortgage Origination Satisfaction Study released today from J.D. Power and Associates. The findings were based on responses from 3,400 borrowers who had originated a mortgage in the prior 12 months. The surveys were conducted in July and August.

Borrowers were less satisfied with the tighter underwriting standards and longer processing times that emerged this year. Average turnaround from application to closing rose to 47 days from last year's 30 days. J.D. Power said higher refinance production and greater scrutiny of loan applications were responsible for the deterioration.

"This increase in turnaround time has a considerable impact on satisfaction, as satisfaction averages only 723 when the time from application to approval takes six or more days, compared with 798 when the process takes less than six days," the report stated.

Also irking 45 percent of those surveyed were requests for more documentation by their lenders.

Lenders saw their satisfaction approval ratings leap from 632 to 793 when they met the time frame they promised.

Lenders who didn't ask for the same information more than once saw scores of 781 versus 643 for lenders who did.

Just 22 percent of those surveyed had an optimal lending experience, the research firm said. Their lenders averaged 862. But lenders who missed at least four of the key practices averaged just 566.

Branch Banking and Trust topped the ranking with a score of 783. BB&T's application process, approval process and closing factors were cited as its strong points. In the 2008 report -- before the Winston-Salem, N.C.-based bank acquired failed Colonial Bank in August from the Federal Deposit Insurance Corporation -- BB&T was not ranked among the top 10.

Wachovia Corp. scored 781 and ranked as the second-best lender. Last year, Wachovia -- which was acquired by Wells Fargo & Co. on Dec. 31, 2008 -- ranked fifth.

Next was National City Mortgage's 769 score. The Cleveland-based institution was also acquired at the end of last year, by The PNC Financial Services Group Inc. National City was No. 2 in 2008.

Last year's No. 1, SunTrust Mortgage Inc., came in at No. 4 this year with a score of 769. Wells Fargo ranked fifth with a 754 score.

next story

back to current headlines

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter


mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders